Goldman Sachs Group Inc delivered its top executive his biggest paycheck in six years. Lloyd Blankfein, Goldman’s chairman and CEO, received $23 million in salary and bonus for his 2013 performance. He is also eligible to earn another $6 million if the firm hits certain targets over several years, according to a securities filing.
Even without the long-term award, Mr. Blankfein’s compensation exceeded what his counterparts at the five other giant U.S. banks earned. But as the firm’s executives and board members have argued, Goldman’s returns remained ahead of its peers as well.
Mr. Blankfein’s pay has climbed as the firm successfully cut costs, despite a tough trading environment that crimped results at what had been the Wall Street firm’s primary profit engine: its fixed-income, currency and commodities business.
“Mr. Blankfein continued to demonstrate impressive leadership, drive and a keen focus on serving our clients and inspiring our people,” the Goldman board’s compensation committee wrote in Friday’s filing. “He successfully navigated the competitive landscape this past year, driving our commercial performance.”
Mr. Blankfein’s pay package was his largest since the financial crisis. He received $70 million for his work in 2007.
In 2013, he earned a $2 million salary. Restricted shares worth $14.7 million and $6.2 million in cash comprised his year-end bonus.
Goldman executives’ annual long-term incentive grants are paid out at the end of a predetermined, multiyear period, if certain goals, including the firm’s return on equity, are met. A year ago, top executives, including Mr. Blankfein, received awards valued at $5 million.
Gary Cohn, Goldman’s president, and Harvey Schwartz, its finance chief, each received $21 million in salary and bonus. John Weinberg, a vice chairman, was paid $18.5 million. J. Michael Evans, another vice chairman who retired in February, collected $15 million.
Goldman granted Mr. Cohn a long-term award worth $6 million. Mr. Schwartz received a $5 million award, while Mr. Weinberg got a $4 million grant.